XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.2
LONG-TERM DEBT
3 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT

NOTE 13 — LONG-TERM DEBT

Long-term debt consisted of the following (dollars in thousands):

 

 

 

June 30,

2022

 

 

March 31,

2022

 

Revolving credit facility

 

$

 

 

$

 

Equipment debt obligations

 

 

31

 

 

 

35

 

Total long-term debt

 

 

31

 

 

 

35

 

Less current maturities

 

 

(16

)

 

 

(16

)

Long-term debt, less current maturities

 

$

15

 

 

$

19

 

 

Revolving Credit Agreement

On December 29, 2020, Orion entered into a new $25 million Loan and Security Agreement with Bank of America, N.A., as lender (the “Credit Agreement”). The Credit Agreement replaced Orion’s prior $20.15 million secured revolving credit and security agreement (the “Prior Credit Agreement”).

The replacement of the Prior Credit Agreement with the Credit Agreement provides Orion with increased financing capacity and liquidity to fund its operations and implement its strategic plans.

The Credit Agreement provides for a five-year $25.0 million revolving credit facility (the “Credit Facility”) that matures on December 29, 2025. Borrowings under the Credit Facility are subject to a borrowing base requirement based on eligible receivables, inventory and cash. As of June 30, 2022, the borrowing base supports $15.8 million availability of the Credit Facility. As of June 30, 2022, no amounts were borrowed under the Credit Facility.

As of June 30, 2022, Orion was in compliance with all debt covenants.

Equipment Debt Obligations

In February 2019, Orion entered into additional debt agreements with a financing company in the principal amount of $44 thousand and $30 thousand to fund the purchase of certain equipment. The debts are secured by the related equipment. The debts bear interest at a rate of 6.43% and 8.77% per annum, respectively, and both debts mature in January 2024.